Oman flag Oman: Economic and Political Overview

Foreign trade figures of Oman

Foreign Trade in Figures

Oman's economy is highly open, with trade constituting approximately 101% of the country’s GDP, according to the World Bank. The Sultanate primarily exports hydrocarbons and petrochemicals but has been striving to diversify its economy in recent years, with an increasing share of industrial products in total exports. In 2023, exports of oil accounted for 57.6% of total exports, while liquefied natural gas recorded a share of 11.6%. Other exports included iron ores (2.9%) and fertilisers (2%). On the other hand, imports were led by petroleum oils (22.4%), motor cars (5.7%), iron ores and concentrates (3.6%), and telephone sets (2.3% - data Comtrade).
 
In 2023, the United Arab Emirates was the main export partner (6.4% of total exports), followed by Saudi Arabia (5.0%), India (3.8%), South Africa (2.4%), the United States (2.3%), and Egypt (1.7%); whereas imports came chiefly from the United Arab Emirates (26.3%), Saudi Arabia (12.4%), China (7.3%), India (7.2%), and Qatar (5.6% - data Comtrade). Oman benefits from high-quality port facilities that facilitate trade; however, slow procedures and rigid labour laws remain significant obstacles. Customs duties are relatively low, and there are few trade barriers in the country, with goods produced in Gulf Cooperation Council (GCC) member countries being duty-free if accompanied by a certificate of origin. The country has more than 105 agreements with countries around the world.

According to WTO data, Oman's goods exports totalled USD 62.7 billion in 2023, marking a 5% decrease from the previous year due to higher hydrocarbon prices, while imports declined at a faster pace (-5.6%), to USD 36.3 billion. Despite being a net service importer, the country maintains a structural trade surplus, although it is highly sensitive to fluctuations in hydrocarbon prices. According to preliminary data from the National Centre for Statistics and Information, merchandise exports grew 6.8% to OMR 24.2 billion in 2024, driven by an 18.4% rise in oil and gas exports to OMR 16.3 billion. However, non-oil exports fell 16.3%, with declines in minerals, chemicals, and live animals. Imports increased 12.1% to OMR 16.7 billion, led by higher demand for electrical machinery, mineral products, and transport equipment.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 23,50728,50730,99538,57336,382
Exports of Goods (million USD) 38,72433,47944,59166,06362,736
Imports of Services (million USD) 12,1128,1778,45310,607n/a
Exports of Services (million USD) 4,8982,2371,7332,787n/a

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 86.591.992.0100.6n/a
Trade Balance (million USD) 18,1928,08416,31631,31723,845
Trade Balance (Including Service) (million USD) 10,9781,8649,35722,80117,337
Imports of Goods and Services (Annual % Change) -3.4-8.913.319.6n/a
Exports of Goods and Services (Annual % Change) 1.9-14.612.216.5n/a
Imports of Goods and Services (in % of GDP) 37.044.842.641.4n/a
Exports of Goods and Services (in % of GDP) 49.547.149.459.2n/a

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 8.03.94.53.63.4
Volume of imports of goods and services (Annual % change) 10.81.71.21.81.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Oman is a member of the Arab League. The country is also part of the Greater Arab Free Trade Area (GAFTA) Agreement, a pact of the Arab League entered into force in January 2005 which aims to form an Arabic free trade area.

Member of the WTO (since Novembre 2000)

Member of the Gulf Council Cooperation

 

Main Partner Countries

Main Customers
(% of Exports)
2023
United Arab Emirates 6.4%
Saudi Arabia 5.0%
India 3.8%
South Africa 2.4%
United States 2.3%
See More Countries 80.2%
Main Suppliers
(% of Imports)
2023
United Arab Emirates 26.3%
Saudi Arabia 12.4%
China 7.3%
India 7.2%
Qatar 5.6%
See More Countries 41.3%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

59.0 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 43.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 14.2%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 11.6%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 2.9%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 2.0%
See More Products 26.0%
38.8 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 18.3%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 4.1%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 3.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 2.3%
See More Products 66.0%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2025